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Trading Psychology - January 8, 2007



                            If you have any questions, feel free to email Ken Wolff or Shawn Wolff


MTrader Class (C) copyright MTrader 2007

Positive People = Positive Portfolios

by Shawn Wolff  


[11:41] <gimmie>  Did everyone read the class from Friday ?
[11:41] <bruceg> Ya, the gang's all here.
[11:41] <gimmie>  it was about negativitiy...
[11:41] <beads> yes m'am
[11:41] <jra> ya. good one
[11:42] <gimmie>  I wanted to share something with you... to think about
[11:43] <gimmie>  There are specific qualities.. that studies have found in people who are positive thinkers...
[11:43] <gimmie>  Because... we tend to think of specific personalities as being positive.. but some were extroverts.. some quietly spoken.. others the life of every party...
[11:44] <gimmie>  but the people who habitually think.. act.. and feel positive... had these traits in common
[11:44] <gimmie>  1. Progressive
[11:45] <ceebee> hi! got to log off
[11:45] <gimmie>  They look forward to the future with enthusiasm and interest.
[11:45] <gimmie>  They arent looking back over their shoulders at the "good ole days"
[11:46] <gimmie>  they are more future and present oriented
[11:46] <gimmie>  2. Optimism
[11:46] <gimmie>  They approach problems and situations believing that a good outcome is possible
[11:46] <gimmie>  They dont give up hope easily
[11:47] <gimmie>  and so they are able to persevere through difficult times and set backs
[11:47] <gimmie>  and they believe that optimism will affect the outcome
[11:47] <gimmie>  3. Sensible
[11:48] <gimmie>  They carefully assess situations and prepare themselves for setbacks.
[11:48] <gimmie>  They dont rely on luck, but instead focus on organizational strategies to plan for the worst.
[11:49] <gimmie>  They are careful to ensure that their goals, although challenging, are realistic, so they arent setting themselves up for failure
[11:49] <gimmie>  we soemtimes think of positive people as relying on luck, hoping things will turn out... but untrue
[11:49] <gimmie>  must positive people are sensible, and prepared
[11:50] <gimmie>  4. Independent
[11:50] <gimmie>  They are at east with themselves, enjoy their own company, and are not dependent on others to make them feel happy and secure
[11:51] <gimmie>  They are able to have lasting relationships because they can control their own dependency needs, and allow other people to have their individuality
[11:51] <gimmie>  They motivate and organize themselves... self supporting.
[11:52] <gimmie>  5. Trusting
[11:52] <gimmie>  Because they have a high degree of self knowlegdge.. they are able to trust themselves
[11:53] <gimmie>  They do not continually feel disappointed or suprised by their own feeling and actions, and are therefore able to make full use of spontaneity
[11:54] <gimmie>  They are able to trust others because, unless there is proof to the contrary, they believe most people are good and have enormous potential [11:54] <gimmie>  So they are willing to both lead.. and be led
[11:54] <gimmie>  6. Industrious
[11:55] <gimmie>  They try to ensure that their work is meaningful and rewarding, so that they tend to enjoy rather than resent it.
[11:56] <gimmie>  They are keen to be working in top form most of the time, so they look after themselves, both physically and mentally
[11:56] <gimmie>  They are keen to stretch their limits, so they make certain that they take advantage of all educational and training opportunities available to them
[11:56] <gimmie>  7. Versatile
[11:57] <gimmie>  Because they are confident in their own core identity.. they are able to move easily in and out of many roles, and make full use of various sides of their personality
[11:58] <gimmie>  They are able to be logical and rational, but also creative and resourceful.
[11:58] <gimmie>  They dont get stuck in ruts, or become obsessional or phobic
[11:58] <gimmie>  but instead they are open to new ideas and a whole range of experiences and viewpoints
[11:59] <gimmie>  8. Encouraging
[11:59] <gimmie>  Because they dont feel threatened by the successes of others, they are willing and able to lead and enthuse.
[12:00] <gimmie>  Without standing on a pedastal, they are willing to share the secrets of both their personal and public acheivements, so that they are an inspiration and guide to others
[12:01] <gimmie>  People feel safe taking risks and making mistakes in their presence, because they do not demand perfection and are open about their own limitations
[12:02] <gimmie>  They want to take active steps to make the world a safer, fairer, and happier place for everyone, and because they look after themselves well, they have the energy to care for others
[12:03] <gimmie>  I think that first... we have to know where we want to go....
[12:03] <gimmie>  I know what I want....
[12:03] <gimmie>  I want to become a positive person, with these qualities, and I believe that this will lead me to success in many areas of my life
[12:03] <gimmie>  trading included
[12:04] <catman>  just excellent stuff....we need to send this to everyone
[12:04] <gimmie>  And I think that.. once we know what we want... we then need to dig in and find out who we are.. if we are going to change..
[12:05] <gimmie>  thank you :-)
[12:05] <gimmie>  I see a lot of people strive for these qualities... striving to become positive people...
[12:06] <gimmie>  but often we find ourselves blocked, frustratingly, in spite of some supreme effort and motivation
[12:06] <gimmie>  Blocked by our internal negativitiy.. like I was talking about on friday
[12:06] <gimmie>  blocked from becoming the kind of people we want to be
[12:07] <gimmie>  So I think that.. the first step to changing.. is becoming positive in our quest for self knowledge
[12:09] <gimmie>  self knowledge is a key factor in any program for personal development
[12:09] <gimmie>  and thats where I hope we can start
[12:09] <gimmie>  Thoughts ?
[12:10] <phi1l>  when do I buy??
[12:10] <phi1l>  ;) [12:10] <catman>  lol
[12:10] <KenWolff>  excellent gimm...
[12:10] <gimmie>  :-(
[12:10] <KenWolff>  ignore phil.. he is a capitalist
[12:10] <gimmie>  I dont mean to dominate the discussion..I just thought I would start things off with some thoughts
[12:10] <catman>  yes you did
[12:11] <gimmie>  Its very easy it seems.. to speculate and analyse other people... its a national past time..
[12:12] <gimmie>  we have gossiping amateur psychologists on every corner..
[12:12] <gimmie>  but its very difficult sometimes.. to start to turn that mirror around
[12:14] <gimmie>  There are a few blocks we have.. that keep us from taking a deeper look at who we are...
[12:15] <gimmie>  For one, there is a certain stigma to it... therapy groups.. new age.. self help... eewww..
[12:16] <gimmie>  especially for men... and older generations...although things are changing...
[12:17] <gimmie>  its socially acceptable to speculate about other peoples problems.. but to turn the same enquiring mind inward, is still seen sometimes as self indulgent..
[12:18] <gimmie>  very much true in germany anyway... no one here goes to a therapist unless its shrouded in secrecy..
[12:18] <gimmie>  who wants to be seen indulging in the pastime of the mentally infirm or selfish egocentric
[12:19] <gimmie>  and I still think theres a tinge of that...
[12:19] <gimmie>  real men dont talk about feelings.. just tell me when to press the button... I would have kept my stop... but my broker screwed me over.. it wasnt me...
[12:20] <gimmie>  blaming outside... rather than looking inside...
[12:21] <gimmie>  another reason.. or block.. I think that people have.. that makes them not want to self evaluate is...
[12:22] <gimmie>  what if... we find out that we arent the person we had hoped we were and that others thought we were ?
[12:22] <gimmie>  self exploration.. can be frightening.. because you dont know what you might find
[12:23] <gimmie>  A deeper analysis of our thoughts and feelings and potential... might reveal our inadequacies.. we might find that there are limitations to our niceness, intelligence, abilities, talent,
[12:24] <gimmie>  what if it reveals us as... mediocre?.. would that dull our dreams?
[12:24] <gimmie>  we have stereotypes to live up to.. and expectations.. of ourselves and others...
[12:24] <gimmie>  self exploration could make that house of cards tumble
[12:26] <gimmie>  But... I think that.. if we become better aquainted with our demons.. we willl have more control over them.. confronting our limitations means we are more likely to set goals for ourselves which bring satisfaction and reward, as opposed to difficulties and failures
[12:26] <gimmie>  What do you think ?
[12:27] <bruceg> We are indeed mediocre in lots of areas.  The important thing is to know your strengths (take advantage of them ).
[12:28] <beads> I think...if with an honest analysis of self finds you are a...mediocre trader...
[12:28] <bruceg> and your weaknesses (work on improving in those areas).
[12:29] <beads> you have something tangible to work with....improve specific things...instead of ....ignoring what you are doing..
[12:30] <gimmie>  exactly.. I think thats true
[12:30] <gimmie>  you are basing your goals then.. in reality [12:30] <gimmie>  and can build from there.. instead of starting with false expectations
[12:30] <catman>  well regardless of what you do,you will always be a dumb gurl
[12:30] <gimmie>  lol
[12:31] <beads> thank you catman...I will just smile and steadily improve..:-)
[12:31] <gimmie>  but I can be a positive and happy dumb girl
[12:31] <beads> exactly!
[12:32] <gimmie>  I read part of a book bill gates wrote..
[12:32] <jra> There have been times I am staring at my screens and saying to myself, " Why am I in this trade? Press the button and lets get out of this crummy trade." And I still sit there and think about it. bit of a freeze. Bit of not wanting to admit I am wrong. Bit of disappointment in myself. Lots of emotinal/phsycological dynamics. And yes. We do learn about ourselves in a way that we would not otherwise.
[12:33] <catman>  except when it comes to brokers
[12:33] <jra> LOL"
[12:33] <wayne> Most people are uncomfortable with self evaluation, but I think with a Dave Drain approach/mentallity towards the subject, most will find positive results.
[12:34] <gimmie>  and he said.. he thinks.. overestimating your worth.. is a sickness in this country.. that most kids get out of college and expect to make 50K a year, with a company car, and management level.. and he said.. what have you done to deserve that?... that thinking.. keeps kids from really getting in there, starting at the bottom, and making something of themselves.. their overinflated expections work against them
[12:36] <beads> here's my pearl for the day...yo cannot improve your trading unless you honestly look at what you are doing....and that means writing it down....and looking it at it....if you don't writ it can continue to kid yourself.....and you can continue to kid yourself....until your money is all gone....
[12:36] <jra> well said beads
[12:36] <gimmie>  thats good beads
[12:36] <catman>  you copied that from someone
[12:36] <gimmie>  lol
[12:37] <beads> if you say so catman :-)
[12:37] <gimmie>  sometimes.. girls come up with interesting things to say too
[12:37] <beads> I'm just a happy girl
[12:38] <jra> beads, that smells a bit like catman's Rule # 481
[12:38] <gimmie>  with positive qualities
[12:38] <gimmie>  I think thats the logic behind keeping track of what you eat on diets too
[12:39] <beads> few thoughts are original...but people have different ways of expressing them...that's why people can hear the same thing over and over...and then someone rephrases it...and "aha!"
[12:40] <gimmie>  very true
[12:40] <d> true beads
[12:40] <catman>  one of these days we need to talk about why diets don't work.....because the reason applies to trading too
[12:40] <d> ty Gimmie for class
[12:40] <beads> very true catman

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